Amgen Faces Investor Lawsuit Over $10.7 Billion Tax Liability

Legal Challenge:
Amgen, a US biotech company, has lost its bid to dismiss a lawsuit filed by investors over a $10.7 billion tax liability.

Court Decision:
New York District Judge John Cronan rejected Amgen's motion to dismiss the lawsuit, originally filed by a Michigan-based union pension fund, allowing the case to proceed.

Allegations:
The lawsuit alleges that Amgen misled investors by not disclosing the significant tax liability, which has led to a potential class action lawsuit.

Financial Impact:
The tax bill of $10.7 billion could have significant financial implications for Amgen, affecting investor confidence and the company's financial health.

Legal Implications:
The court's decision underscores the importance of transparency and accurate disclosure by companies to their investors, highlighting the legal consequences of failing to do so.